Controlling shareholders look to sell stakes in Brazil's CCR

Monday, June 11, 2018

Controlling shareholders of Brazilian infrastructure group CCR will renegotiate a mutual agreement in order to pave the way for them to sell a portion or even their full stake in the company.

Singapore sovereign wealth funds GIC and Temasek Holdings have emerged as potential buyers of the CCR shares, reported O Estado de S. Paulo newspaper without revealing its source.

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CCR's controlling block is formed by construction groups Andrade Gutierrez and Camargo Corrêa, along with Soares Penido, with shares of 14.86%, 14.86% and 15.05% respectively.

Andrade Gutierrez and Camargo Corrêa – two of various companies embroiled in the Lava Jato corruption scandal – have seen a reduction in revenues in recent years and have embarked on aggressive asset sales programs in order to pay their debts.

CCR, which has a portfolio of concessions including metro lines, airports and highways, is also a target of authorities. Currently, the company is holding an internal investigation after it was accused of paying bribes to obtain advantages in highway contracts in Paraná state.